Posted by rglenco on October 10, 2003 at 11:44:25:
I have minimal exposure to this situation but I just read an article with a possible strategy for you. Buy used MH for $2-3,000 and site them on your parcels. Sell the homes for retail ($5-6K) with $1K down and carry the note on the remainder. Retain ownership of the lot and rent it to the buyer. You get two income streams with great profits on both. The article by Lonnie Scruggs is, http://www.real-etate-online.com/art-106.htm.
hope that might owrk for you… makes great sense to me.
Good Luck
Rob
I have acquired 6 lots in the last year in a growing area of colorado. I have built one house thus far, and am looking to continue building and selling.
Is there any money in just putting a mobile home on these lots and selling them outright? That is what several builders are telling me to do…because it is a lot less hassle than building a house. Other builders tell me to stay away from this because owners are more attracted to something they percieve to be custom built.
Any thoughts? I’m really looking for a strategy for a long-term cash stream. I am looking to put togehter some type of long-term plan for the area, and am wondering if mobile is the way to go.
Posted by Greg Meade on October 12, 2003 at 12:13:03:
why not take some of the risk out of it and see if a repo or new dealer will joint venture the deqal with you. In FL dealers are dying and will do almost anything legal to move 2003 (and 04) models off their lots. Maybe try one with mobile only financing from the dealer’s lender and you retain the lot for a nice monthly pop and in an average of 39 months, when the home is repo’ed get a wonderful deal on the unit and re-sell for even more dough! An awful lot has been written on land /home packages and one person you should absolutely read is Tony VA/NC…he has done very well with these packages to accrue respectable income streams.